The proposed One Ocean Street development in Hyannis, site of one of the first regulatory agreements between the town and a developer, still looks just like 337 Main St.

Plans to demolish the former art museum, once a grocery store, and replace it with a striking four-story mixed use building that would have included the Cape’s first underground parking garage, have not advanced since a chain-link fence was put up around the property in 2006.

Under the agreement, developer Robert Bradley of Marstons Mills intended to build 22 two-bedroom condos in a new building at 337 and on the adjacent, similar-sized 345 Main St. lot. Twelve thousand square feet of non-residential space was planned for the first floor.

In December, Bradley spoke with The Barnstable Patriot about problems with financing for the project. At the time, he was considering a lawsuit against a lender.

On April 10, Bradley filed a pro se complaint (one filed by an individual, not an attorney) against David “Duddie” Massad of Worcester and Marcello Mallegni and William Depietri, both of Southborough. The complaint, based on the federal RICO (Racketeering Influenced and Corrupt Organizations Act), alleges mail fraud, bank fraud, obstruction of justice, loan sharking and extortion, among other illegal acts. The case summary listed the amount sought as $15 million, which was a data entry error at the court. Bradley is seeking $150 million. [Corrected from print edition]

Among the defendants listed is LBM Financial, LLC. Town records show the filing fee for the project, received July 31, 2006, came from LBM Financial, a company that has been targeted by other Massachusetts developers for similar court action.

“Mr. Bradley owes LBM Financial in excess of $17 million,” said Jeffrey D. Ganz of Reimer and Braunstein LLP, the Boston firm representing LBM and Marcello. “We sued him in February in Middlesex Superior Court in February in an attempt to collect.”

Ganz said his clients deny all allegations and “look forward to defending themselves in court.”

David H. Rich of Todd & Weld LLP, representing Massad, called the filing a “cookie-cutter” complaint similar to other filed against his client in U.S. District Court in Worcester. He declined to comment until he had an opportunity to read the 57-page document.

Bradley’s accusations provide an insider’s story of the last decade of development on Main Street in Hyannis, other parts of Cape Cod, and the Boston area. He describes a lively commercial and residential business market that encouraged developers, and casts the defendants as predators who hooked them on high-interest loans that then became crushing burdens.

Building Commissioner Tom Perry said he intends to have the town take down the fence around the property this week. Portions have caved in since it was raised.

The development would have included an upgrade to the town parking lot at 25 Ocean St., which continues to deteriorate.